Define the (scam) DeFi.

[SquirrelJulietGarden]

The topic is created as a scam warning. Please read it for your interests. If you don't feel interested in, please ignore the topic.

The scam waring is for DeFi too hot trend. Many DeFi projects, farms, pools are created daily.

History
Scam bitcoin forks
How Many Bitcoin Forks Are There? You will be surprised!!!

Scam stake/ masternode coin.

- They have similar scheme
- They have similar coin specifications, algorithms, masternode collateral.
- They have similar names.
- They were swapped to change their total supplies, change names, change masternode collateral.
You can search for more details with the site https://masternodes.online/. Click on the Price column to filter price from lowest to highest, choose total display coins from 50 (default) to 100.
Some images for first 200 shit stake/ masternode coins.

Scam DeFi trend
Let's define it with the images
https://defimarketcap.io/

Is the crypto community getting lost again?
Be careful with crypto news (DEFI with Y)!!
(GUIDE) How to trade on uniswap correctly
DeFi scams (history)

[1715018185]

1715018185

[SquirrelJulietGarden]

Massacre on the market and potential DeFi tokens are bleeding most.

Sushi, Kimchi, Pizza ?

https://defimarketcap.io/token/0xc4da39e646e7f5d233b89ca0f7b75344e7ddb2cc
https://defimarketcap.io/token/0x8386e3e719612f1baaa91ccec46593056594656b

[bits4books]

Just last week I wrote that there will be news that everyone should beware of DeFi because we have received the REVELATION that it turns out to be a complete fraud and fraud!
Amazing isn't it?
Who was fast, those get thier profit, others got liquidated. The rest of us can only panic and try to merge what we have already bought and believe in the best.
I do not feel a drop of pity to be honest with those who really believed in all these "projects".

[thesmallgod]

Even though I am fully sure that many of this defi token is a scam, I am sure you know not only defi is currently bleeding but all the crypto too. If you can share the image of the top 100 cryptos on CMC. We shall see what befall many of them after the market correction. Maybe they will rise again or remain it is. It is also an eye-opener for everyone that this defi hype has started making them to think of investing in upcoming one

[SquirrelJulietGarden]

Even though I am fully sure that many of this defi token is a scam, I am sure you know not only defi is currently bleeding but all the crypto too. If you can share the image of the top 100 cryptos on CMC. We shall see what befall many of them after the market correction. Maybe they will rise again or remain it is. It is also an eye-opener for everyone that this defi hype has started making them to think of investing in upcoming one

The market stops bleeding and you can enjoy the rally tomorrow. Only good DeFi projects can rally good and the bad ones will keep price at low and wait for other bleeding time.

Sushi, it has x10 rewards for early owners so they will dump their earning and create pressure on Sushi market. Wait till the block reward falls back to 100 and at that time you can consider to join Sushi.

[target]

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX.  I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

[Romanianz]

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

[rahmatullah9305]

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

Yes, but if the $ SUSHI token has been proven to be a scam, then Binance will also remove $ SUSHI from their list, because as far as I remember, Binance has never maintained junk tokens on their exchange.

[crzy]

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

Yes, but if the $ SUSHI token has been proven to be a scam, then Binance will also remove $ SUSHI from their list, because as far as I remember, Binance has never maintained junk tokens on their exchange.

Binance should not list shit tokens at the first place, well they are also joining the hype for sure. There’s a lot of scam DeFi projects, scammers are taking this as the advantage for them so be careful on investing. I never heard most of the scam DeFi projects, fortunately my holdings on DeFi was not on the list above.

[pilosopotasyo]

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX.  I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

Unfortunately, these exchanges did not verify, there was a tweet coming from Binance head that people should be responsible for what they are investing in the team is washing their hands, so we all thought that if it's coming from Binance it's definitely safe, people should now to think  if they are still going to believe projects that these exchanges are going to list.

[Leonardo7]

This is a very bad time in the crypto space, the same madness we suffered in 2017 is been repeated again, people are losing money and they don't care, hoping to make a fast recovery from their losses, they go down more again. I hope they don't end up selling their properties to take care of themselves.

[soulripper]

What they care is just to make profit but instead they more likely will losing their money for joined this defi trend that popups everyday like mushroom. I see a lot of defi projects that hide their identity but still so many peoples wanna joined their projects. Its weird to see so many peoples that blind to see ether it a good or bad project to joined.

[target]

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX.  I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

Unfortunately, these exchanges did not verify, there was a tweet coming from Binance head that people should be responsible for what they are investing in the team is washing their hands, so we all thought that if it's coming from Binance it's definitely safe, people should now to think  if they are still going to believe projects that these exchanges are going to list.

That's why CZ has more to explain now. That Sushi is new and they didn't even verify who are the people behind it. Binance is just up there to make money like the rest in the exchange business.  Sushi already have a new chef as they claimed but its really unsure whether the project can still be trusted.

Its not the project that is a scam, its the CEO though. Basically Sushi protocol is working well but its the people behind it are scam which bascially means they have a product to show unlike the ICO scam that is completely a robbery.

Lesson learn is to first know who are the people behind the project and if they do have more than 50% of the tokens.

[CucakRowo]

Just for information, Not all DEFI project ended as a scam. LEND (AAVE), LINK, and many other legit projects still working and growing.
For convenience, I will not use online masternode as my reference when doing searches about defi projects, I prefer to use coingecko (and defimarket as you mentioned) as my reference material. Why masternodeonline not recommended, coz sometimes they like to forget (slow) to update project development.

[Romanianz]

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

Yes, but if the $ SUSHI token has been proven to be a scam, then Binance will also remove $ SUSHI from their list, because as far as I remember, Binance has never maintained junk tokens on their exchange.

take a month for good project to get listed in Binance, but this $SUSHI token take only 2 days and Voila turn out selling their token to get the money. 

[mu_enrico]

Binance or other exchanges only care about their profit, so their behavior isn't strange at all. Users probably have to be more rational about this DeFi hype, mainly about locking tokens to get more tokens. It's like PoS coin hype in the past. It should be obvious, but I don't understand why the market seems to think this is something new.

The project may or may not legit, but they are significantly overvalued IMO.

[Mahdirakib]

Just for information, Not all DEFI project ended as a scam. LEND (AAVE), LINK, and many other legit projects still working and growing.
For convenience, I will not use online masternode as my reference when doing searches about defi projects, I prefer to use coingecko (and defimarket as you mentioned) as my reference material. Why masternodeonline not recommended, coz sometimes they like to forget (slow) to update project development.

Not all but most of the DeFi project turns into scam. The creator of the projects try to gain trust of people in different ways. I have seen few many DeFi project added in coingecko but those finally ended as unsuccessful & scam project.
Many new project developer add their tokens at most trusted trading platform. It attracts many people to invest in it. And the developer just takes out most of their investment before they allow other user to exchange. People should search and investigate about a successful DeFi project before investing in it.

[Twinkledoe]

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX.  I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

Also, it would be good to add the existing link under scam accusations board, if there's any. This will give more explanation why such project is heading to be a scam. Most common reasons are plagiariazed whitepaper and fake team members. If you will encounter those reasons, you need to study more about the project as they are showing warning signs.

[hongchao123]

Defi is a scam/bubble by design. Nothing can grow to +5000% naturaly even in crypto

[SquirrelJulietGarden]

Defi is a scam/bubble by design. Nothing can grow to +5000% naturaly even in crypto

They will be back with bounces but scam is scam and scam projects will end with 0 value. Dead projects have 0 value on market. If you hold scam token for long you will no longer be able to sell it on market. No one buy token of dead project.